Oil rises after ninth weekly stock draw­down in US

The Pak Banker - - MARKETS/SPORTS -

Oil prices moved slightly higher on Thurs­day after the US En­ergy Depart­ment re­ported a ninth con­sec­u­tive weekly draw­down of crude stocks, al­though an over­all build in oil in­ven­to­ries capped gains.

US West Texas In­ter­me­di­ate crude for Septem­ber de­liv­ery CLc1, the new front-month con­tract from Thurs­day, was up 15 cents at $45.90 a bar­rel at 0800 GMT. The Au­gust con­tract ex­pired on Wed­nes­day after ris­ing 29 cents, or 0.7 per­cent, to set­tle at $44.94 a bar­rel. Brent crude's front-month con­tract LCOc1 was up 15 cents at $47.32 a bar­rel. US crude in­ven­to­ries USOILC=ECI fell 2.3 mil­lion bar­rels in the week end­ing July 15, data from the U.S. En­ergy In­for­ma­tion Ad­min­is­tra­tion showed.

But at 519.5 mil­lion bar­rels, in­ven­to­ries are at his­tor­i­cally high lev­els for this time of year, the EIA said. "This week's re­port was mod­er­ately bullish for crude, which drew slightly more than ex­pected," said Michael Wit­tner, oil an­a­lyst at So­ci­ete Gen­erale.

Gaso­line stocks USOILG=ECI rose 911,000 bar­rels, against a fore­cast for un­changed, and are well above the up­per limit of the av­er­age range, the EIA said.

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